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BWICs spike and spreads widen but market remains constructive
Resets and refis prominent in pipeline as loan market softens, offering respite from repricing wave
Dasha Sobornova joins from Akin Gump with experience across asset classes
Trade body for levfin investors turns to leading rating analyst
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Packaging firm Smurfit Kappa Group has received almost unanimous consent to amend its senior credit facility, with more than 95% of lenders agreeing to revise loan terms.
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Telecom Italia is looking to launch a new syndicated facility, following on from the success of deals from other corporate borrowers from peripheral Europe in recent weeks.
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Bankers close to the €700m loan backing DS Smith’s takeover of SCA Packaging say there has been overwhelming demand for the new money loan, with the deal already heavily oversubscribed. Lenders, who met for a bank meeting in London at the beginning of February, are likely to have their commitments scaled back.
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Francesco Carobbi resigned from his position as head of loan syndications for Europe, Middle East and Africa at Bank of Tokyo-Mitsubishi UFJ on Monday, ending a career at the Japanese bank that started in 1997. He is also resigning from the Loan Market Association, where he is a board member.
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The terms of the £235m-equivalent term loan ‘B’ backing Cinven’s buy-out of patent management group CPA Global will be reverse flexed after strong demand from investors. However, bankers in the leveraged loan market have bemoaned the lack of deals to take advantage of the strong issuance conditions.
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ING Alternative Asset Management priced the first collateralized debt obligation of March with the $361.9 million ING IM CLO 2012-1, marketed by Credit Suisse, and garnered yields on the $227 million of AAA-rated liabilities of LIBOR plus 145 bps, continuing the tightening trend for top-rated CLO liabilities, according to market players.